439.—(1) If it appears to the Department that there are circumstances suggesting that contraventions may have occurred, in relation to a company's shares or debentures, of Article 331 or 332 (taken with Schedule 13), or of Article 336(3) to (5) (restrictions on share dealings by directors and their families; obligation of director to disclose shareholding in his own company), the Department may appoint one or more competent inspectors to carry out such investigations as are requisite to establish whether or not such contraventions have occurred and to report the result of their investigations to the Department.
(2) The appointment of inspectors under this Article may limit the period to which their investigation is to extend or confine it to shares or debentures of a particular class, or both.
[F1(3) Articles 427 to 429 apply for the purposes of an investigation under this Article to the following persons as they apply to officers of the company or of the other body corporate—
(a)an authorised person;
(b)a relevant professional;
(c)a person not falling within sub-paragraph (a) or (b) who may carry on a regulated activity without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000; and
(d)in relation to an authorised person, to a relevant professional or to a person falling within sub-paragraph (c)—
(i)if it is a body corporate, any person who is or has been an officer of it,
(ii)if it is a partnership, any person who is or has been a partner in it,
(iii)if it is an unincorporated association, any person who is or has been a member of its governing body or an officer of it.
(3A) In paragraph (3)—
“authorised person” has the meaning given in section 31(2) of the Financial Services and Markets Act 2000;
“relevant professional” means a member of a profession if a body has been designated under section 326(1) of that Act in relation to that profession, and, in relation to such a profession, "member" has the meaning given in section 325(2) of that Act.]
(4) Articles 427 to 429 apply under paragraph (3)—
[F2(a)to an individual who is an authorised person within the meaning of the Financial Services Act 1986;
(b)to any individual who holds a permission granted under paragraph 23 of Schedule 1 to that Act;
(c)to an officer (whether past or present) of a body corporate which is such an authorised person or holds such a permission;
(d)to any partner (whether past or present) in a partnership which is such an authorised person or holds such a permission;
(e)to any member of the governing body or officer (in either case whether past or present) of an unincorporated association which is such an authorised person or holds such a permission,]
as they apply to officers of the company or of the other body corporate.
Paras. (5), (6) rep. by 1986 c. 60
F1SI 2001/3649
F3Order repealed (prosp.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16 and the repeal being partly in force, as to which see individual Articles (with savings (with adaptations) by Companies Act 2006 (Commencement No. 6, Saving and Commencement Nos. 3 and 5 (Amendment)) Order 2008 (S.I. 2008/674), arts. 2(3), {4}, Sch. 2) and subject to amendments (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b)(2), Sch. 1 paras. 135, 147, 148 {Sch. 2 Note 1} (with arts. 6, 11, 12) and subject to amendments (6.4.2008) by S.R. 2008/133, {regs. 2, 3}